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Transactional Leadership Style and Employee Satisfaction in Nigerian Banking Sector

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Transactional Leadership Style and Employee Satisfaction in Nigerian Banking Sector European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.26, 2014 Transactional Leadership Style and Employee Satisfaction in Nigerian Banking Sector DR OMOANKHANLEN JOSEPH AKHIGBE DEPARTMENT OF MANAGEMENT FACULTY OF MANAGEMENT SCIENCES UNIVERSITY OF PORT HARCOURT RIVERS STATE – NIGERIA Email: [email protected] Tel: +2348035637832 AJIENKA MERCY FINELADY DEPARTMENT OF MANAGEMENT FACULTY OF MANAGEMENT SCIENCES UNIVERSITY OF PORT HARCOURT RIVERS STATE – NIGERIA OLODA OLUWATAYO FELIX DEPARTMENT OF MANAGEMENT FACULTY OF MANAGEMENT SCIENCES UNIVERSITY OF PORT HARCOURT RIVERS STATE – NIGERIA Abstract This study investigated the effect of transactional leadership style on employee satisfaction in selected banks in Rivers state of Nigeria. The sample for this study consisted of 160 employee from the 20 selected banks. The data for this research was collected using the questionnaire and interview methods. The Spearman Rank-order correlation coefficient was used to test the relationships between the variables under review while the multiple regression analysis was adopted to evaluate the moderating effects of corporate culture on the relationship between transactional leadership and employee satisfaction. Findings from the study revealed that there is a positive and significant relationship between all the dimensions of transactional leadership style and employee satisfaction except passive management by exemption. Based on the findings above it was concluded that transactional leadership enhances employee job satisfaction. More specifically, it was concluded that contingent reward and active management by exemption enhances employee satisfaction while passive management by exemption does not. Key Words: Employee, transactional leadership, Job Satisfaction, contingent reward, active management by exemption and passive management by exemption, corporate culture CONTEXT OF THE PROBLEM The importance of employee satisfaction in the corporate world cannot be over emphasized especially at this era of uncertainty where there is intense competition and unhealthy rivalry among organizations. For any organization to achieve its objectives there must be mutual interaction between organizational leaders (managers) and their followers (subordinates). In terms of employees’ effectiveness and productivity the leadership style that characterizes the interaction between leaders (managers) and their followers (subordinates) is very crucial. Employees are the workforce of any organization and are responsible for the day to day activities required to achieve the desired objective of any firm. As Eskildsen & Nussler (2000) put it, employee satisfaction is impacted by the employees’ perception of their job and the organization for which they work for. Employees’ perception of leadership behaviour is an important predictor of employee job satisfaction and commitment (Jaskyte, 2004). The leadership style that characterised any organization is capable of influencing to a great extent the level of employee performance in that organization. The style of a leader can either motivate an employee to increase his or her level of performance or discourage employee, which in return can cause decrease in their level of performance or even lead to high turnover rate. According to Schyns & Sanders (2007), the sources of employee job dissatisfaction include salary inadequacy, conflicting job demands emanating from leadership style and absence of promotion prospects. For the purpose of efficiency and effectiveness, result oriented leadership style, one that contributes positively to employees’ satisfaction and brings about better employee performances, effectiveness and productivity is clearly desirable (Turner & Muller, 2005). Several scholars are of the opinion that leadership research needs to pay more attention on the “fundamental “issues, such as influence processes that characterize leader-follower interaction (Bass, 1990; Hollander & 14 European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.26, 2014 Offermann, 1990; Yukl, 1989). Research has also proved that effective leaders must possess the ability to recognize when to use different tactics of influence as well as the skill necessary to effectively carry out these influence attempts (Kipnis, Schmidt & Wilkinson, 1980; Yukl & Falbe, 1990; Yukl, 1998; Bolino &Turnley, 2003). For Moorman and Fetter (1990) superior’s leadership style and subordinates’ job satisfaction are inter-related. Wrong leadership style is capable of causing negative consequences, which might further triggers the sensitivity and susceptibility to misunderstanding which may lead to organizational dysfunction such as decrease work performance, absenteeism and high turnover (Lamude, 1994; Motowidlo, 2003). Therefore, prevention of subordinates’ negative outcome is imperative visa-vis the use of different leadership styles. Since organization’s utmost desire is to maximize shareholders wealth as well as create value to customers, employee’s input in the realization of this desire become very critical, hence the importance of their satisfaction. Critical elements of the organization, such as employee job satisfaction, employee loyalty, organizational performance, organizational citizenship behaviour, and employee commitment, have been associated with leadership styles (Kirkpatrick and Locke, 1996). These results has however been validated by different scholars across cultures and in different organizational settings (Al-Dmour & Awamleh, 2002). (Javidan & Waldman, 2003). Javidan and Waldman (2003) agrees that in the public domain, charismatic leadership was only modestly related to motivational consequences. The impact of charismatic/transformational leadership styles on followers’ effectiveness and motivation has also been recorded (Bass & Avolio, 1990; 1994). Despite these growing research on the topic of our study, employee attitude towards their work especially in the Nigerian work environment still shows a great degree of lack of job satisfaction. Literature on transactional leadership style and employee satisfaction in the Nigerian banks still remains scanty. It is on this premise that the researchers’ wishes to investigate the relationship between transactional leadership style and employee job satisfaction in the Nigerian work environment with reference to selected Nigerian banks in Rivers State. Conceptual Model of Research Figure 1.1: A Framework for Analyzing the Relationship between transactional leadership style and employee satisfaction. Dependent Moderating Independent Variable Variable Variable Contingent reward Altruism Active management ConscientiousneEmployee by exemption Culture ss CivicSatisfaction Virtue Passive management by exemption Source: Conceptualized by the researchers This conceptual framework tries to present a hypothetical relationship between the dimensions of transactional leadership (contingent reward, active management by exemption and passive management by exemption) and employee satisfaction. Transactional leadership style is the independent variable while employee satisfaction is the dependent variable. It is assumed that corporate culture might moderate the relationship between the independent and the dependent variables. Objective of the Study The purpose of this study is to ascertain the relationship between transactional leadership style and employee satisfaction. More specifically this study seek to: 15 European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.26, 2014 i. Ascertain the relationship between contingent reward and employee satisfaction. ii. Examine the relationship between active management by exemption and employee satisfaction. iii. Ascertain the relationship between passive management by exemption and employee satisfaction. iv. Find out if corporate culture will moderate the relationship between transactional leadership style and employee satisfaction. Research Questions The research questions for this study are as follows: i. What is the relationship between contingent reward and employee satisfaction? ii. What is the relationship between active management by exemption and employee satisfaction? iii. What is the relationship between passive management by exemption and employee satisfaction? iv. Will corporate culture moderate the relationship between transactional management style and employee satisfaction? Research Hypotheses For the purpose of this study, the following hypotheses were formulated. Ho 1 There is no significant relationship between contingent reward and employee satisfaction. Ho 2 There is no significant relationship between active management by exemption and employee satisfaction. Ho 3 There is no significant relationship between passive management by exception and employee satisfaction. Ho 4 Corporate culture will not moderate the relationship between transactional leadership style and employee satisfaction. LITERATURE REVIEW This subheading is for review of relevant literature. Transactional Leadership Style Defined Transactional leadership: This leadership style otherwise known as managerial leadership pays attention to the social interactions or transactions between leaders and followers. It focuses on the role of supervision, organization, and group performance; transactional leadership describes a style of leadership in which the leader champions compliance of the followers through both
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